Tag: Kingcade and Garcia

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Three Simple Ways to Pay Off Credit Card Debt

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Many consumers know the problem with using credit cards is that oftentimes you end up paying for purchases after you buy.  The average interest rate on a credit card is 13.51%- if you carry over a balance.  As of September 2016, cardholders carried on average a balance of $7,527.  When you pay off your credit cards in full or have your debt discharged in bankruptcy, you have more disposable income for your financial goals and can better plan for your future.  But how do you get there?

Here are three simple steps to eliminating your credit card debt.

Step one: The obvious- Stop using your credit cards.  Pay in cash for all of your purchases.  For online purchases use PayPal or your debit card.  Using a “cash only” system allows you to spend what you have.

Step two: Make extra payments toward the principal. Lenders are required to show you how long it would take to pay off your credit card if you only made the minimum payments.  Request your statements be mailed to you, online you may not be able to see this number.  It will certainly give you a wake-up call.  For example, the average American with $7,527 in debt, would spend 11 years paying the card off if they only paid the minimum balance.  The interest would cost you $2,869!

Step three: Set financial goals and SAVE for them.  Set up savings accounts for your big purchases. For example, if you are going to need a new car in the next 6 months or are planning a family vacation this summer.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Debt Relief, Timothy Kingcade Posts

Wells Fargo Fires 4 Senior Employees for Their Involvement in Fake Account Scandal

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Four senior employees of Wells Fargo have been fired amid an ongoing investigation into the bank’s illegal sales practices.  Wells Fargo admitted last year that it created as many as 2 million fake accounts between 2011 and 2015.  Shortly after, reports surfaced of the toxic sales environment and employee mistreatment at the bank. Some former employees even said they were subject to retaliation after they tried to stop the sales tactics, according to CNN Money.

Since the scandal broke, Wells Fargo has been under investigation by the Department of Justice, Congressional committees, state attorneys general and prosecutors’ offices. Class action lawsuits have been filed by customers, employees and shareholders against Wells Fargo.  Wells Fargo fired 5,300 workers for creating millions of fake accounts.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

5 Ways Millennials can Master the Get-out-of Debt Struggle

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The millennial generation encompasses those in their final years of college and those who are in their 30’s, possibly in the midst of purchasing their first home, perhaps starting a family.  If you are a millennial that falls along this spectrum, odds are you may be paying off some debt.  Two-thirds of millennials have at least one source of long-term debt; oftentimes student loan debt, which now averages $40,000.

Paying down debt and understanding your finances can help build a financially successful future for you and your family.  If you are struggling with debt, here are some ways to gain control and work towards financial relief.

  1. Acknowledge your debt. The first step to getting out of debt is to take an honest look at what you owe and where your money is going each month. List all of your debts, including student loans, car loans, credit cards, personal loans, medical bills and mortgage loans. Are you able to make all of your payments on time every month?
  2. Understand how much you can afford to pay on your debt each month. Create a budget. Calculate how much you earn and how much you spend per month.
  3. Get organized. Set aside a rainy afternoon to sit down and organize your bills. If it helps, have the recurring ones set up on auto-pay.  This will help you avoid paying late, which can lower your credit score. Make sure all of your bills reach the same email address, not an old student email or a former work address.
  4. Save, save, save. Even if you are paying down debt, do not forget to save for retirement.  Remember, retirement savings are protected if down the road you find yourself having to file for bankruptcy. In addition, saving six to nine months’ worth of living expenses can prevent you from going into debt in the future, should you have a sudden medical emergency, car repair or find yourself out of work for a time.
  5. Do not hesitate to ask for help. If you have debt that you cannot afford to repay, consider getting help from an experienced bankruptcy attorney. Many offer free consultations and can help you determine the right path for you and your family’s financial future.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.wbrc.com/story/34364281/7-ways-millennials-can-master-the-get-out-of-debt-struggle

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Struggling with Student Loan Debt after 50? You’re not alone

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Student loan debt is no longer limited to the young.  In fact, Americans age 60 and older are the fastest-growing population of student loan debtors.  Those seniors who are living month-to-month on fixed incomes are the most likely to default.  When this happens to borrowers 65 and older, the government can seize a portion of their social security benefits, even if this pushes them into poverty.

Approximately 20,000 Americans 50 years of age and older had their Social Security checks cut below the poverty line in 2015 because of student loan debt.

Many have accumulated the debt helping their children or grandchildren, either by borrowing directly or co-signing on loans.  As these borrowers age, it becomes more difficult to afford their loan payments while also paying for food, housing, prescriptions, and dental and medical expenses.

Many seniors who are carrying federal student loan debt are eligible for income-based repayment plans, where borrowers can pay as little as zero dollars per month or may even qualify to have their loans forgiven after a specified period of time.

But loan servicing companies have not made it easy for borrowers to enroll in the programs or even let them know it was an option.  This deprives seniors of information about payment plans that would allow them to meet their loan obligations without having to skimp on food or necessary medical care.

The federal government needs to make this group a priority, which means ending the practice of garnishing the Social Security benefits of poor or disabled student loan debtors.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

https://www.nytimes.com/2017/02/13/opinion/haunted-by-student-debt-past-age-50.html?_r=0

Debt Relief, Foreclosures, Timothy Kingcade Posts

The Foreclosure Litigation Strategy Targeting Florida Seniors

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A new defense strategy by lenders is targeting a growing number of low-income seniors.  It involves suing  to foreclose on government-guaranteed home loans under various defaults, then fast-tracking the lawsuits by filing motions for orders to show cause. These motions shift the burden of proof to the borrower, requiring them to appear in court and explain why a judge should not grant final judgment against them.

“All of a sudden, we saw a spate of foreclosures where the mortgage companies alleged the seniors no longer lived in the home,” said Gladys Gerson, supervising attorney for Coast to Coast Legal Aid of South Florida’s senior unit. “This has been happening around the state.”

A dozen more cases statewide have appeared targeting  low-income seniors.  Florida is ground zero for issues involving seniors, but experts believe this tactic is likely to spread to other states.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

South Florida Pair Arrested in Bank Fraud Scheme

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Authorities have apprehended two bank fraud suspects who reportedly owned $17 million worth of property in Florida and New York, then victimized tenants and residents who lived there.

Issak Almaleh, 63-years old and Antoaneta Lotova, 51-years old were arrested in Hollywood on charges of conspiracy to commit bank fraud, bank fraud, and other offenses.  The Sun-Sentinel reported the two chose properties in foreclosure that were owned by FDIC-insured banks.  Authorities say they filed fraudulent and forged warranty deeds to show the transfer of those properties to corporations they controlled.

Almaleh, who was a notary, would notarize the documents as genuinely signed by representatives of the financial institutions and Iotova would sign the documents on behalf of the companies they controlled, officials said. This allowed them (with the help of police) to evict residents from their home and change the locks on the properties.  The tenants were informed by the bank that their lease agreements were invalid and that they needed to vacate the property, officials said.

The two remain in jail.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://tampa.cbslocal.com/2017/01/26/south-florida-pair-arrested-in-17-million-bank-fraud-scheme/

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Lawyers May Have Discovered a Way to Wipe away Student Loan Debt

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Student loans are some of the most difficult to get rid of – even in bankruptcy.  But some attorneys are challenging the laws and creating hope for millions of struggling borrowers.  Bankruptcy attorneys in Florida and New Hampshire are filing cases in the hopes of establishing “paths” to help bankrupt borrowers and their attorneys better manage, even eliminate student loan debt in bankruptcy.

Congress exempted federal student loans from discharge in bankruptcy, except in extreme circumstances. Lawmakers extended that exemption in 2005 to private student loans as well. In order for borrowers to have their student debt discharged in bankruptcy, they must prove that the debt is causing them to suffer “undue hardship.”

Although Congress never defined the phrase “undue hardship,” a series of court rulings have created an undue hardship standard that is notoriously difficult to meet. So instead of trying to meet the standard, attorneys are turning to other legal strategies that challenge private lenders’ ability to collect on the loan and in the case of federal debt help borrowers better manage the loans while in bankruptcy.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Completed Foreclosures Drop 40%

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Homes in serious delinquency have fallen to the lowest level since 2007, according to a National Foreclosure Report released by CoreLogic.  Completed foreclosures dropped from 36,000 in December 2015 to 21,000 in December 2016.  The report revealed that foreclosure inventory dropped by 30% annually.

The foreclosure inventory represents the number of homes that are in some stage of foreclosure, while completed foreclosures reflect the total number of homes lost to foreclosure.

Foreclosure inventory dropped to just 0.8% of all homes with a mortgage in December, down from 1.2% in December 2015.

Homes in serious delinquency, defined as those 90 days or more past due including loans in foreclosure and REO, decreased 19.4% annually in December.  The states with the highest number of completed foreclosures in December 2016 included Florida with 45,000, followed by Michigan with 30,000, Texas with 24,000, Ohio with 21,000 and California with 19,000.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Qualifying for a loan is getting harder for some consumers

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Banks are becoming more selective when it comes to approving loans for those with less than perfect credit.  The data is surprising as many consumers seem to be benefiting from job growth and lower debt levels.  However, 11.7% of banks have tightened their standards for auto loans in the first quarter, from 3.3% last year, according to the Federal Reserve and Deutsche Bank.

Credit card standards were strengthened by 8.3% of banks, compared to none in the fourth quarter.  With the economy in its eighth year of recovery, lenders are extending their reach to those with cash flow pressures, borrowers at low – and middle class income levels to increase revenue.

The share of delinquent personal loans and credit card debt increased in the third quarter to 3.53% and 1.33% respectively, according to TransUnion and UBS.  Out of those consumers surveyed, 18% said they expected to default on a loan payment in the next 12 months, up from 12% in December.

The number of subprime auto loans (those requiring a FICO score of 600 or lower) that were at least 90 days delinquent reached the highest level since 2010 in the third quarter at 6 million.  The number of bad loans were by auto finance companies, not banks.

Two-thirds of the households who earn less than $40,000 say financial concerns have increased over the past six months for them.  The latest numbers reflect the incomes of many low- to moderate-income working families are not keeping up with the costs of rising health insurance deductibles and monthly expenses.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

6 Credit Score Killers and How to Avoid Them

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There are financial missteps you can make that are guaranteed to lower your credit score.  One of the biggest factors in determining your credit score is your past payment history, but there are other things you may be doing that can affect your score in a negative way.

  • A first missed payment. Per a FICO study, a single 30-day late payment can cause a good credit score of 780 to fall 90 to 110 points. An average score of 680, can fall by 60 to 80 points. You can avoid missing payments by setting up auto-pay from a linked checking account every month.  If auto pay makes you uneasy, you can set up automatic alerts that will remind you when your bill is due.
  • A maxed out credit card. Credit utilization is the second most important factor of credit scores, so reaching your card’s credit limit can be problematic. What’s worse, is if you have multiple cards you are doing this with. Remember, for optimal credit score results, it is recommended you keep the amount of debt you owe collectively and on individual cards below 30%, and ideally 10% of your credit limit.
  • An error. This happens more often than you might think.  A report from the Federal Trade Commission discovered that one in five Americans had an error on their credit reports.  Staying on top of your credit score and monitoring it for mistakes can help.
  • An account in collections. That medical bill you thought insurance covered or a utility bill you forgot to pay in college can drop your score 50 to 100 points (if it winds up on your credit report).  That account can legally stay there for up to seven years, plus 180 days from the date of your first missed payment. Keep an eye on your mail for any outstanding debts and resist the urge to ignore a call from a debt collector.
  • Applying for several credit cards or loans at a time. These credit inquiries account for 10% of your credit score.  Keep credit applications to a minimum.  Making several requests in a short period of time can cause your credit score to dip.
  • Closing out your old credit cards. Another component of your credit score, 15%, is the length of your credit history. Closing old credit cards, especially your oldest card, makes your credit history seem shorter than it really is.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://finance.yahoo.com/news/5-big-credit-score-killers-110000016.html

https://www.thebalance.com/things-that-hurt-credit-score-960510